Credit cards for everyone

Gobbledegeek · 8 Mar 2006 at 14:26

I don't know if this is of interest to anyone but for those who need/want a credit card but can't get one, it might be worth considering.

www.mycashplus.co.uk

I always find it difficult to get credit and/or cards due to frequent relocation but this prepaid Mastercard suits me just fine.

Dinomania · 8 Mar 2006 at 14:49

Clever - so that means it's not truly a credit card, in that your balance can't slip below zero - so you load money on before you buy stuff? I sometimes do that on my credit card anyway but if it's designed that way then there's no need to worry about debt

Probably a good idea to bring up your credit rating and you get to use all the protection that comes with Mastercard.

Cuchulain · 8 Mar 2006 at 14:56

£9.95 issue fee, £4.95 monthly fee or £1 per transaction, 50p per minute phone call to check your balance and a £4.95 "Account Maintenance Fee" if you don't use it within a 120 day period, seems like a lesson in how to rip people off who are possibly already in debt.

Burbleflop · 8 Mar 2006 at 15:05

sara said:
Probably a good idea to bring up your credit rating and you get to use all the protection that comes with Mastercard.

I don't see how this will affect your credit rating at all seeing as you're not actually having a credit agreement with them.

needmorespeed · 8 Mar 2006 at 15:10

so why not just use a debit card seems like the same thing to me

Gedalia_w · 8 Mar 2006 at 15:12

I only use a credit card to delay payment for a month. Its always paid off in full and I think people who use credit cards like unsecured loans are crazy.

dirtydog · 8 Mar 2006 at 15:16

needmorespeed said:
so why not just use a debit card seems like the same thing to me

It's for people who can't get debit cards.

daz · 8 Mar 2006 at 15:17

dirtydog said:
It's for people who can't get debit cards.

How can you not get even an Electron or Solo?

skiba · 8 Mar 2006 at 15:19

Great idea, I don't want a credit card because I don't trust myself but I also would prefer to have more than one source of payment. Shame about the fees, anyone know anything cheaper?

dirtydog · 8 Mar 2006 at 15:19

daz said:
How can you not get even an Electron or Solo?

Lots of people don't have access to mainstream banking products like that, you'd be surprised

(not me luckily)

Gedalia_w · 8 Mar 2006 at 15:21

dirtydog said:
Lots of people don't have access to mainstream banking products like that, you'd be surprised (not me luckily)

There's a guy I work with that has such a bad credit rating he can't even get a mobile on contract!

PinkPig · 8 Mar 2006 at 15:26

A mobile on contract involves much more "trust" (if it can be called that) on the part of the mobile company (the cost of the phone) than a solo or electron card which are specifically designed to be practically impossible to go overdrawn with.

Gedalia_w · 8 Mar 2006 at 15:32

Yeah, I guess thats true. I just find it mad that anyone can get their finances so screwed up they cant get a mobile on contract.

Gobbledegeek · 8 Mar 2006 at 15:42

needmorespeed said:
so why not just use a debit card seems like the same thing to me

I don't like debit cards because you can go overdrawn. With this you can only spend what you have loaded on.

Cuchulain said:
£9.95 issue fee, £4.95 monthly fee or £1 per transaction, 50p per minute phone call to check your balance and a £4.95 "Account Maintenance Fee" if you don't use it within a 120 day period, seems like a lesson in how to rip people off who are possibly already in debt.

There's no transaction fee on a standard account. Provided you can afford £4.95 per month you can't get into debt. You can also cancel it at any time rather than wait 120 days to be notified that your not using it. At the end of the day, it's an option that some don't have.

iv-tecman · 8 Mar 2006 at 15:42

Just another way for some company to rip you off.. Just as paypal and all the rest of these "new" fangle cash free payment systems. I'd advise anyone against getting one of these..

do what I do, have a second bank account for "pin" money with a switch /delta card and use this instead. This is free, and means my wages account isn't used online for shopping.

Really, just how stupid is this country now becoming..

Edit - no bank account needed..!! Yeah, for the ones with so much debt, they have no chance of ever having a bank account.. This, is for those who have been in trouble, or are in trouble I'm afraid..

dirtydog · 8 Mar 2006 at 15:44

iv-tecman said:
Really, just how stupid is this country now becoming..

These non status cards are nothing new, they've been around for donkey's years.

Edit - no bank account needed..!! Yeah, for the ones with so much debt, they have no chance of ever having a bank account.. This, is for those who have been in trouble, or are in trouble I'm afraid..

Yep.

Matteysan · 8 Mar 2006 at 16:42

PinkPig said:
A mobile on contract involves much more "trust" (if it can be called that) on the part of the mobile company (the cost of the phone) than a solo or electron card which are specifically designed to be practically impossible to go overdrawn with.

Not true at all solo cards can go overdrawn, it happened to me & i brought that up with my bank & also another. They both said it is possible to go overdrawn.

Burnsy2023 · 8 Mar 2006 at 16:48

I have a Solo card and I'm overdrawn.

Its judt a debit card linked to your bank account. Its just a facility to access the account and therefore totally under the control of the bank.

Pretty much any Solo card can go overdrawn if you bank account has an overdraft facility.

Burnsy

jamoor · 8 Mar 2006 at 18:13

Dried Graze said:
I don't like debit cards because you can go overdrawn. With this you can only spend what you have loaded on.

There's no transaction fee on a standard account. Provided you can afford £4.95 per month you can't get into debt. You can also cancel it at any time rather than wait 120 days to be notified that your not using it. At the end of the day, it's an option that some don't have.

I have an electron card and I can only go overdrawn to £15 and then it rejects payments.
My HSBC solo account doesnt go overdrawn at all, how can someone not get that?

Sequoia · 8 Mar 2006 at 18:21

needmorespeed said:
so why not just use a debit card seems like the same thing to me

One reason is that many purchaes on credit cards leave the credit card company jointly liable with the supplier. You therefore have considerable protection against, for instance, the supplier taking your money and going bust before you get your goods. With debit cards, you don't get that protection.

To get that protection, for reference, the transaction needs to be for >£100, <£30k and with a UK-based supplier.

EDIT - On closer inspection, this Mastercard is NOT a credit card, so the above may not apply. It would depend on whether the card is covered by the Consumer Credit Act which, to be honest, I rather doubt.

Credit cards for everyone

Wise Guy